Sandell Asset Management's Concern Regarding TPC Group Validated By Innospec Bid
NEW YORK, Oct. 8, 2012 /PRNewswire/ -- Sandell Asset Management Corp., owner of approximately 7.0% of TPC Group Inc. (Nasdaq: TPCG), announced today that the $44-46 bid for TPCG received from Innospec Inc. and Blackstone Capital Partners confirmed its view that the existing $40 transaction with First Reserve Corporation and SK Capital Partners was grossly inadequate and that there was significant untapped strategic and financial buyer interest in the company.
"We are pleased that the TPCG Board recognizes the new bid as likely to lead to a Superior Proposal and is commencing negotiations," said Tom Sandell, Chairman of Sandell Asset Management. "We urge TPCG to abandon the First Reserve deal, pursue the Innospec bid and solicit interest from other potential buyers in a full-blown auction to ensure that shareholder value is maximized."
SOURCE Sandell Asset Management Corp.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV